Alex Pettee, CFA
Stocks Lower | Jobless Claims Retreat | Mortgage Rates At Record-Lows
U.S. equity markets finished mostly lower on Thursday despite encouraging employment data this morning as investors remain focused on increasing levels of confirmed coronavirus cases.
Still higher by 0.7% on the week, the S&P 500 finished lower by 0.6% today while the Dow Jones Industrial Average dipped 361 points after yesterday's 177 point rally.
Now lower by roughly 2% on the week, Equity REIT ETFs finished lower by 0.6% today with 14 of 18 property sectors in negative territory while Mortgage REITs dipped 3.1%.
The 30-Year Fixed Mortgage Rate declined to fresh record low levels this week as low rates have been one of several driving forces behind the emerging V-shaped recovery in the critical U.S. housing sector.
Today's declines came despite encouraging employment data, confirming the strength of last week's record-setting job gains recorded by the BLS and ADP, as Initial and Continuing Jobless Claims both declined last week.